Wherever There Is Water There Is Life

question 315

Multiple Choice

Wherever there is water there is life.

• A) All places there is life are places there is water.
• B) All places there is no water are places there is no life.
• C) All places there is water are places there is life.
• D) All times there is water are times there is life.
• E) Some places there is water are places there is life.

---

Definitions:

Purchasing Merchandise Inventory

The process of acquiring goods for resale, including the selection, ordering, and receipt of merchandise.

Recording Process

The systematic method of capturing all relevant financial transactions of a business for accounting and reporting purposes.

Perpetual Inventory System

An inventory management method where records of inventory quantities are updated in real-time after every transaction.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.